Good evening,

Genex Power’s ready to do the M&A dance, just not at 23c a share.

The renewables group is expected to knock back the bid from the Farquhar family’s Skip Capital and US private equity firm Stonepeak on Monday, saying it’s not a valuation that could be supported by the company’s board.

But, recognising that the market was also nowhere near Skip/Stonepeak’s bid, Genex Power’s expected to leave the door ajar for some management meetings and the like, in the hope that Skip/Stonepeak can bump its indicative bid.

It’s sure to be lawyers at 10-paces in coming days, as both sides negotiate the confidentiality agreement. Things like access to management meetings and limited rounds of DD can be tricky to negotiate.

Elsewhere, Street Talk has a new exit brewing out of UK private equity shop Livingbridge, and has more on Roc Partners’ entry into the scrap metal sector.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood

Street Talk Editors